A civil penalty is a fine or money damages imposed by a government authority as punishment for certain activities, serving as a criminal sanction. It differs from civil remedies, which aim to redress wrongs between private parties.
The losses or additional charges imposed on an individual or entity for failing to meet specific obligations or conditions in a financial or contractual agreement.
Intentional deception resulting in injury to another. Fraud usually consists of a misrepresentation, concealment, or nondisclosure of a material fact, or at least misleading conduct, devices, or contrivance.
A legal wrong is an act that infringes upon a legal right, causing harm or loss to another party, which may lead to liability or legal consequences.
Loan fraud involves intentionally providing false information on a loan application to qualify for a loan. This can lead to civil liability or criminal penalties.
A mistake of law refers to a misunderstanding or ignorance of the legal consequences of one's actions, even if one is aware of the facts and substance of those actions.
Money or other costs one will pay for breaking a law or violating part or all of the terms of a contract. Penalties are often imposed for prepaying a loan, failing to complete a contract sale, or breaking a lease; penalties are not tax deductible.
A transaction intended to create the appearance of rights and obligations different from the actual intended agreements to deceive other parties, often tax authorities.
An in-depth exploration of the WorldCom scandal, one of the largest accounting fraud cases in history, which involved significant financial manipulations leading to inflated profits and assets.
